This program is most certainly dead. The developers simply don't have the time to put in any effort, or don't want to.
I first started playing this game back in 2005, which was the exact same version as the one you are playing now (apart from point releases).
We had over 80 player racing leagues consisting of Australian and New Zealand racers. We had to run 4 divisions each race.
Now you can't find an Australian server with decent ping.
Back in 2005 we would never have thought that nearly a decade later the developers would have not released S3 and had refused to post any form of progress updates. This game had so much promise, so much potential, and the developers' treatment of the game since then has been a kick in the balls for everyone who put so much faith in them back in the days.
They need to stop thinking of this as "their game". It's us players who pony up the cash that own this game just as much, if not more than them.